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Amusing, but how much of that “stuff” was bought with refi’s on their equity? Most of the people I know with toys like that bought it all on credit and with equity that is being burned rapidly with falling home prices.

Just like in the 80’s.

There’s going to be a BANNER market for boats, motorcyles, rvs, hummers, and Escalades in a year or two as the toys are sold to pay mortgages or bills - especially tax bills.

Well, for people with cash, anyway.

Exactly, they don’t mention the crushing debt load some people have to maintain their facade. They also don’t mention how some of us are connected nearly 24/7/365. The 8-hour workday is history.

Another thing that doesn't get mentioned is two worker households. "Middle class" families *do* have more money these days. But that comes from households where both adults work. Back in the day, being middle class meant dad worked and mom was a housewife. Now being "middle class" means both family members work ridiculous hours and have a long commute.

From a personal perspective my father made around $12000 a year in the 60's. A new car cost $2000, so 1/6th of a years gross wages. A 3 bedroom house in New England cost $16000 or so so 1 and a third times your wages.

Compare that to today. A new car can run you $15,000(1/4 of a 63000 gross 1960's dollars to 2003) an equivalent house in New England will run you at least $200,000 if not more(3.15 times wages).

So if you compare apples to apples(a single earner middle class family) the middle class is *much* worse off in terms of real buying power. Yes the reason article is right that there is more functionality and proportionally higher quality, but would you rather pay a little more than a year's wages for a nice house or *3 times* that for more or less the same thing?

Amusing, but how much of that “stuff” was bought with refi’s on their equity? Most of the people I know with toys like that bought it all on credit and with equity that is being burned rapidly with falling home prices.

Also, notice where they went. Castaic lake in LA county. Not Ohio, or central Illinois or Tennessee. Or, anywhere else where the real world is.